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Inside Internal Controls

News and discussion on implementing risk management

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tax compliance

The sharing economy expands the tax base

The sharing economy has disrupted the traditional taxi, hospitality and other sectors, and is expanding the tax base available to governments and revenue agencies worldwide.

 

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Eighteen-year tax battle with the CRA a win for taxpayers

Irvin Leroux fought the Canada Revenue Agency for 18 years over allegations of unpaid taxes and gross negligence. Despite losing some of Leroux’s original documents, the CRA eventually claimed he owed close to a million dollars in taxes, penalties and interest for three years when he was starting his RV park business in British Columbia.

 

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Accountants call for national entrepreneurship strategy

Canadians are pretty good at creating businesses that last, according to a new study by the Chartered General Accountants’ Association of Canada. Around 85 percent of new Canadian businesses survive for a year, 62 percent make it at least three years and 51 percent are still going after five years. The Business Development Bank of Canada puts this last number above 66 percent.

 

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Voluntary disclosure and non-profit organizations

If you operate an incorporated not-for-profit organization, you must file a tax return every year, unless your org is a registered charity. If you fail to file a return, you could be on the hook for a big past tax judgment.

 

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beansTalk – a social network for bean counters

If you think Facebook is too personal and LinkedIn too general, maybe beansTalk is the social network for you—if you’re an accounting professional, that is.

 

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